Comprehensive and consistent structural reforms might help Belarus to secure its GDP growth at 6-7% in the medium term, World Bank Country Director for Belarus, Moldova and Ukraine Qimiao Fan told media when presenting the World Bank’s review of the Belarusian economy.
The structural reforms we have spoken today will help enhance the competitiveness of the domestic economy and secure its sustainable growth. They will allow Belarus to remove external imbalances and discover untapped opportunities for growth, the World Bank experts believe.
To this end, Belarus needs to reallocate labor and capital to high productivity segments of the economy; to restructure the state-owned enterprise sector; and to support the private sector.
Competitive and transparent privatization is also crucial, the World Bank experts noted. Privatization should be administered by the National Agency for Investment and Privatization and should aim to raise quality foreign director investments. The experts believe that the sectors that will benefit the most from privatization are agriculture, food industry, pharmaceutical industry and light industry.